Asked by Shabray1, Boise, ID • Sat Apr 9, 2011
I plan to purchase another home that is approximately 50 miles from my current residence. My dilema is the 8K homebuyer tax credit that I received in 09. If this home is not my primary residence for 36 months, I will have to repay the credit. However, it would be more advantageous for me to purchase a primary residence and rent my current home; as this would allow me to secure a loan with little to no money down with a low interest rate. How do lenders and the IRS determine "primary residence?" How long with the new home have to remain my primary residence before it can be rented? What are my best options?
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